What Would You Do????
I am extremely interested in getting into REI. Ideally I would like to flip properties. I also would not mind purchasing properties to rent. I have read a lot of information, and know the process in general. However my personal situation seems to be halting my ability to physically act on my desires. My credit score is approx. 500.(discharged BKO in 1998, divorce, etc) Due to injury I have been on "long term disability from my employeer for the past year. so even though "technically" I am employeed by the same employeer for a 2 year history period, I was told it would not count because of the disability, Also I have only lived at my current residence for 1 year.......and I would only have between 5% and 10% to put down on anything I chose to buy. I live in Delaware, and wanted to purchase properties either here or Indianapolis, IN..... I spoke with a broker here who all but laughed at me, and I don't know where to go from here Or if I might as well throw in the towel before I even had a chance to get sweaty... PLEASE HELP ! I am desperate to succeed, I just don't know if I am banging my head against the wall for nothing. What can I do? Where do I start? I can't erase the past......... But I am starting to wonder if I have foredoomed my future as well. 
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From what I have read on the forum you can probably purchase properties "subject to" based on your profile. Check that forum and "read, read, read"!
First you have to believe in yourself, that you are equipped with all the ability you need to succeed. NEVER THINK NOR SPEAK FAILURE...You become what you think about...If you want to be successful you must think success "As a Man thinketh in his Heart so is he" If I was you I wouldn't dwell on what I don't have, but what I do have...creativity will make you the money you need...forget about your credit,employment, and disability...you are dwelling on the problem not solutions...as far as your strategy for investing...I would postpone purchasing any property...I would FLIP,FLIP,FLIP...do some Sandwich Lease/Options that require no up front money...and after saving some capital...then purchase...Keep reading the forums and Learn from your mentors that come here, join your Local REI Club...invest in your education by purchasing REI programs like from Ron Legrand. With a Burning Desire, Commitment, Specialized Knowledge, Strategy,and a Positive winning Attitude... You Will end up a success, because Failure is not even an option!
"The World Loves a Winner and Has NO time for Losers."
you don't need credit to start out in this biz but you will need access to money...Go to local real estate investment clubs and network, tell everyone what you plan on doing what you plan on investing in......you should be able to meet a number of people would have access to money...i did, and now i have 500k waiting for me to use....All you need to focus on is finding the deals, you find a good deal and i mean a real good deal, people will come out of the woodwork to give you money....
Dear fmmp: Thank you for the advice, I apperciate it....!
Dear Flipster: Thank you for the positive attitude! I know what flipping is, but will read on sandwich leasing....I live in Delaware, I can not find a REI club....it is a small state. I Although I can't quite forget about my particular problems, I promise not to let them stop me from trying...
Dear Way Motivated: Again, to my knowledge, there is no REI club in Delaware..... I am afraid I do not have the connections you do........ Hey, but you did mention you had about 500k waiting to be used........ wink, wink. I want this particular piece of property so badly, I don't know what to do. I am from Indianapolis, IN... and was there recently visiting. I looked at this 4plex, in a very decent, residential area. all of the units are currently rented, bringing in 1,600. per month... it has been updated, and is owned outright. The sellers own other rental properties, and just want to sell to have less on their plates, they have children etc... The RE agent said they were extremely motivated, and are asking $99,900. But he was certain they would take less, and were open to "charging" more on paper to help get money for closing etc..... He sent me comp properties within 5 to 7 miles from this one that sold for 130k and 144k............................... I betcha I could get them to accept 90k for it, they have had some intrest shown but that's it so far.... For some reason, I really want it. I thought about investing in indianapolis, as opposed to DE... cost of living, real estate, etc... is in general, 30% cheaper.........you can buy a decent house there for 60k easy... and ones in like a sec8 area... I've seen listed, or in forclosure status for 12k to 30k all day long...................Anyway, I'm drooling on my keyboard... that can't be good. Please let me know if you have any ideas or suggestions, other than keep my head up and smile...... I'll smile when I make my first deal, and I have something to smile about. null
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Talk to some of you friends neighbors etc. You won't believe the amount of people that will help you if you can make them some money on the deal. I also was once laughed at by a real estate broker, who also told me that flipping meant paying taxes and that multi-families were difficult to get. I let that get in the way for a few years, but decided I had to do something. I found that there are alot of people who are scared and will tell you you can't do something...but none of them do anything.
Come and hang out here and you will find alot of positive input and creative ideas. I now have more in vestors than I can possibly use and more ideas than I have time to implement. Ask questions and READ these forums and you will get what you want.
Hello hoosier. I was able to purchase and rehab 72 homes in Indy. You are right in that their are a lot of opprotunities here.
I do not purchase from realtors. Most of time, they have friends who can close quickly and make a fast commission. I deal with banks and farm various areas.
You need to decide on what price homes you want to purchase and start farming.
Good luck.